UP (UP) financial statements
UP reported revenue of $736M in fiscal 2025, up 11.4% a year over 6 years.
Net income was -$294M and the operating margin -27.6%, against -20.3% in 2019.
Free cash flow was -$271M, and the company returned $2M in net buybacks.
The diluted share count rose 6701% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from UP's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $385M | $695M | $1.2B | $1.6B | $1.3B | $792M | $736M |
| Cost of revenue | $341M | $635M | $1.1B | $1.5B | $1.2B | $733M | $663M |
| Gross profit | $44M | $60M | $77M | $39M | $21M | $59M | $74M |
| Research and development | $14M | $21M | $34M | $57M | $62M | $41M | $39M |
| Selling, general and admin | $69M | $120M | $193M | $301M | $235M | $222M | $234M |
| Operating income | -$78M | -$63M | -$203M | -$560M | -$444M | -$259M | -$203M |
| Interest expense | $29M | $23M | $10M | $8M | $41M | $65M | $90M |
| Pre-tax income | -$107M | -$85M | -$197M | -$555M | -$486M | -$338M | -$291M |
| Income tax | $0 | $0 | $58,000 | $170,000 | $1M | $1M | $4M |
| Net income | -$96M | -$79M | -$190M | -$555M | -$487M | -$340M | -$294M |
| EPS (diluted) | -$186.00 | -$96.00 | -$185.60 | -$452.00 | -$73.80 | -$9.80 | -$8.40 |
| Diluted shares | 1M | 1M | 1M | 1M | 7M | 35M | 35M |
| Gross margin | 11.5% | 8.7% | 6.4% | 2.5% | 1.7% | 7.5% | 10.0% |
| Operating margin | -20.3% | -9.1% | -17.0% | -35.4% | -35.4% | -32.7% | -27.6% |
| Net margin | -25.0% | -11.3% | -15.9% | -35.1% | -38.9% | -42.9% | -39.9% |
Balance sheet
Fiscal years, from UP's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $96M | $313M | $785M | $586M | $264M | $216M | $134M |
| Receivables | — | $50M | $79M | $112M | $38M | $32M | $24M |
| Inventory | — | $5M | $9M | $29M | $20M | $12M | $12M |
| Total current assets | — | $396M | $933M | $820M | $434M | $332M | $249M |
| Property, plant and equipment | — | $323M | $318M | $395M | $338M | $348M | $220M |
| Goodwill | $4M | $400M | $437M | $348M | $218M | $217M | $210M |
| Total assets | — | $1.4B | $2.0B | $1.9B | $1.3B | $1.2B | $969M |
| Total current liabilities | — | $840M | $1.1B | $1.3B | $908M | $917M | $908M |
| Long-term debt | — | $148M | $0 | $226M | $235M | $376M | $316M |
| Total liabilities | — | $1.1B | $1.2B | $1.7B | $1.2B | $1.4B | $1.4B |
| Shareholders' equity | -$56M | $268M | $730M | $252M | $97M | -$202M | -$392M |
| Net debt | -$96M | -$102M | -$785M | -$333M | -$5M | $192M | $201M |
Cash flow
Fiscal years, from UP's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25M | $210M | $126M | -$231M | -$665M | -$78M | -$166M |
| Capital spending | $8M | $16M | $28M | $111M | $37M | $138M | $105M |
| Free cash flow | -$33M | $194M | $98M | -$342M | -$702M | -$216M | -$271M |
| Stock-based compensation | $2M | $3M | $50M | $89M | $26M | $46M | $45M |
| Share buybacks (net) | — | $0 | $0 | -$8M | -$28,000 | -$485,000 | -$2M |
| Net borrowing | -$38M | -$63M | -$214M | $259M | $323M | $81M | -$144M |
| Free cash flow margin | -8.6% | 27.9% | 8.2% | -21.6% | -56.0% | -27.2% | -36.8% |
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Open UP in InvestinglyQuestions
What was UP's revenue in 2025?
$736M in fiscal 2025, from its 10-K filing.
How much free cash flow does UP generate?
-$271M in fiscal 2025 (operating cash flow minus capital spending).
From UP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.